Deposit Return Policy

1. Purpose of the Security Deposit

The security deposit is held as financial protection for the landlord in case of unpaid rent, fees, or damage beyond normal wear and tear. It is not your last month’s rent unless your lease explicitly states otherwise.

2. When the Deposit Is Returned

After you move out and return possession of the suite, we will:

• Inspect the space for condition and any damage beyond normal wear and tear.
• Verify that all keys, access cards, and remotes have been returned.
• Confirm that all rent and other charges due under the lease are paid.

Once this review is complete, any refundable portion of your deposit will be returned within the time frame required by applicable law and/or your lease.

3. Conditions for Full Deposit Return

In general, you are more likely to receive a full deposit refund when:

• All rent, NNN, utilities, and other lease charges are paid in full.
• The suite is left broom-clean and free of trash and personal items.
• No damage beyond normal wear and tear is found.
• All keys, access devices, and parking permits are returned.
• Any required restoration work (per the lease) has been completed.

4. Possible Deductions from the Deposit

Deductions may be made from the security deposit for items such as:

• Unpaid rent, NNN charges, or late fees.
• Unpaid utility reimbursements owed under the lease.
• Repair of damage beyond normal wear and tear (for example: holes in walls, broken fixtures, unauthorized alterations).
• Excessive cleaning or hauling of abandoned items.
• Costs to restore the space to the agreed move-out condition.

All deductions will be based on reasonable, documented costs.

5. Move-Out Condition & Restoration

Your lease will describe how the suite should be left at the end of the term. This may include:

• Removing furniture, equipment, and personal property.
• Removing certain tenant-installed improvements or signage.
• Repairing any damage caused by removal of fixtures or equipment.
• Returning walls and floors to a reasonable, professional condition.

If you plan to leave significant improvements in place, please discuss this with us in advance.

6. Providing a Forwarding Address

To help ensure timely processing, please provide:

• A forwarding mailing address or preferred method of payment (check, ACH where applicable).
• Updated contact information for the person or entity that should receive the deposit refund.

If we do not have a valid address, it may delay delivery of your refund.

7. Itemized Statement of Deductions

If any portion of your deposit is retained, we will provide an itemized statement showing:

• The amount of the original deposit.
• Each deduction and a short description (for example: “wall repair,” “cleaning,” “unpaid rent”).
• The remaining balance, if any, to be refunded.

8. Disputes or Questions

If you believe there is an error in the deposit accounting or have questions about deductions:

• Contact us in writing within a reasonable time after receiving your itemized statement.
• Include your suite number, move-out date, and a brief explanation of your concern.

We will review the matter and respond as promptly as we can.

9. Relationship to the Lease Agreement

This page is intended as a clear, plain-language summary of how we typically handle security deposits at Olivera Landing. If there is any conflict between this summary and your signed lease agreement, the lease controls.